Ethereum ($ETH ) has finally broken free from its sluggish price action, surging past $2,600 with a powerful 6.3% daily gain. But what’s fueling this move—and can it last?
Whales Are Loading Up – Are You?
June saw a massive influx of ETH into non-exchange wallets, with over 6 million ETH scooped up by long-term holders. Accumulation addresses now hold a staggering 22.75 million ETH, while liquid staking has hit an all-time high of 35.56 million ETH. This isn’t just retail FOMO—big players are positioning for a major move.
Spot Market Reveals a Bullish Shift
Aggressive buyers are taking charge, with Spot Taker Buy Volume dominating over the past 90 days. Traders are paying ask prices without hesitation—a clear sign of conviction. When retail and whales align like this, it often signals a sustained uptrend, not just a short-lived pump.
Futures Market Heats Up – But Beware the Squeeze
Open Interest (OI) skyrocketed 10.47%, hitting $19.27 billion as traders pile into leveraged longs. While this reinforces bullish momentum, it also raises the risk of a violent shakeout if ETH faces sudden downside pressure.
Is Ethereum Overvalued? Key Metrics Flash Warnings
🔹 NVT Ratio Spikes: ETH’s price is rising faster than network usage, hinting at possible overvaluation.
🔹 Stock-to-Flow Climbs: Scarcity is increasing, but does real demand match?
If adoption doesn’t catch up, ETH could face a correction.
Liquidation Domino Effect – Bears Got Crushed
The surge past $2,500 triggered a short squeeze, wiping out leveraged bears. With liquidation clusters now acting as support near $2,480–$2,510, ETH has a solid floor—if it holds.
What’s Next for ETH?
With strong accumulation, bullish spot activity, and rising futures interest, Ethereum’s rally has legs. But overextended valuations could lead to turbulence. If network growth keeps pace, $3K might be the next stop.
Will ETH continue its climb—or is a pullback coming? Stay tuned. (No financial advice )
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